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Best answer November 17, 2020
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It's nice to have you back here in the Community, @BenPage96.
I've got the steps that you need in recording the 20% agent fee on your sales transaction.
You can create a service item for the agent fee and enter it as a negative amount upon creating the invoice. In doing this, make sure that the income account of the item is an expense account since it has been taken out before you receive the income.
Here's how to set this up:
- Click on the Gear icon at the top.
- Select on Products and Services.
- Hit on New.
- Choose on Service.
- Enter the item name.
- From the Income account section make sure to select an expense account to track your transactions correctly.
- Tick on Save and close.
Once done, you can now proceed with creating the invoice and applying the charge.
Here's how to create your invoice:
- Click on the + New button.
- Choose Invoice.
- Select your customer name and other information needed on the invoice.
- From the Product/Service box select the item to be used with its amount.
- Add a second line for the service item (agent charge) that you've created and enter the 20% amount of the fee as a negative figure.
- Hit on Save and close.
You may also visit this link attached to guide you in adding items in QuickBooks Online: How to set up products and services.
Know that I'm just a few clicks away if you need more help. Have lovely day!
It's nice to have you back here in the Community, @BenPage96.
I've got the steps that you need in recording the 20% agent fee on your sales transaction.
You can create a service item for the agent fee and enter it as a negative amount upon creating the invoice. In doing this, make sure that the income account of the item is an expense account since it has been taken out before you receive the income.
Here's how to set this up:
- Click on the Gear icon at the top.
- Select on Products and Services.
- Hit on New.
- Choose on Service.
- Enter the item name.
- From the Income account section make sure to select an expense account to track your transactions correctly.
- Tick on Save and close.
Once done, you can now proceed with creating the invoice and applying the charge.
Here's how to create your invoice:
- Click on the + New button.
- Choose Invoice.
- Select your customer name and other information needed on the invoice.
- From the Product/Service box select the item to be used with its amount.
- Add a second line for the service item (agent charge) that you've created and enter the 20% amount of the fee as a negative figure.
- Hit on Save and close.
You may also visit this link attached to guide you in adding items in QuickBooks Online: How to set up products and services.
Know that I'm just a few clicks away if you need more help. Have lovely day!
Hello, BPS.
The processes outlined by my colleague above are for QuickBooks Online, which is why you are unable to see the Products and Services option. As a workaround, recording the agent fee on the sales transaction is done by manually adding a transaction and selecting the correct category and the type. Just a heads-up, QBSE-added transactions are automatically tagged as Business; you may modify this if necessary.
I'll show you how to do it:
- Let's create first, create a manual transaction by selecting the Transactions menu in your QBSE account.
- Next, click the Add Transaction button.
- From there, enter the needed details and choose the correct category.
- You'll notice that this is already tagged as Business under the Type column.
For more information about the process, please check this article: Manually add transactions in QuickBooks Self-Employed.
You'll want to check Schedule C and expense categories in QBSE. This article provides which category to use for a specific transaction.
I'm always here ready to lend a hand if you have any other concerns about adding transactions in QBSE. Have a nice day, and stay safe.
Thanks for coming back to us, BPS.
Currently, the option to edit the paid invoice isn't possible in QuickBooks Self-Employed (QBSE). However, we can delete and recreate it with the necessary commission added. Alternatively, use the duplicate feature to easily replicate and make the required modifications. These allow us to incorporate the commission into the invoice while working within the limitations of QBSE.
Here's how:
- Go to the Invoices menu.
- Choose the invoice you want to edit.
- Click the drop-down arrow under the Action column.
- Select Duplicate.
- Add the commission in the line item.
- Hit Save.
Once done, mark the duplicated invoice as paid. Then, delete the original one. It's to ensure updated invoice accurately reflects the payment status.
I understand that having the option to work seamlessly with QuickBooks would be highly beneficial for you. With that, I recommend sending feedback to our product developers. This way, they can further review your suggestions and may consider adding them to future updates. Please refer to the steps below:
- Select the Assistant menu.
- Then, type the phrase "feedback".
- Next, select Add a feature.
- Enter the details of your suggestion and send it.
- Click Yes to confirm.
Let me know if you have other concerns about invoices in QuickBooks please don't hesitate to post a reply below. I'd be glad to assist you further. Take care, and have a great day!
